Consultation on high speed rail link is opened February 27, 2011 TRANSPORT secretary Philip Hammond will today launch a five month consultation on the HS2 high speed rail project that could link London and Birmingham. Ministers say the 250mph link, which will cost around £2bn a year for at least the next decade, will generate £2 for every £1 invested. It is hoped the link can [...]
BEST OF THE BROKERS February 22, 2011 BP UBS rates the oil major “buy” with a target price of 550p. The broker believes that BP’s 30 per cent stake in Indian explorer Reliance is worth $7.8bn (£4.8bn), slightly above the $7.2bn payment announced on Monday, and that the deal will raise BP’s gearing to around 16 per cent. UBS thinks the deal [...]
Australian cyclone hits Rio production February 21, 2011 GLOBAL miner Rio Tinto said yesterday it expects cyclones affecting its coastal operations in Western Australia’s Pilbara region to affect shipped tonnage figures for the first quarter of this year. Rio Tinto said it had maintained operations at 14 mines in the region but Cyclone Carlos has caused frequent interruptions at its Dampier and Cape [...]
Huawei in bid to provide free mobile networks on the Tube February 20, 2011 CHINA’S biggest telecoms operator, privately-owned Huawei Technologies, is bidding to provide a mobile network for the London underground system in time for the 2012 Olympics. The equipment for the network would likely be provided free of charge, with tube operator Transport for London stressing that due to budgeting pressures, any such proposal would have to [...]
THE SOUND OF MUSIC COMES TO THE WHARF February 20, 2011 THE success of hit US TV show Glee has inspired many high schools and universities to launch show choirs – and now it seems not even London’s financial sector is immune to the lure of a good sing-along. Hence the launch of the Canary Wharf Choir, an open singing group for those that live and [...]
Investors in SANE states: keep calm and carry on February 17, 2011 AT the start of the year, investment opportunities seemed aplenty for those seeking exposure to Africa. The London Stock Exchange announced that the HSBC MSCI South Africa ETF, launched yesterday, brought the total number of London-listed exchange-traded funds (ETFs) based on emerging market indices to 75. South Africa, Algeria, Nigeria and Egypt find themselves following [...]
Woolwich Crossrail gets funding February 16, 2011 Work on Woolwich Crossrail station is finally set to go ahead after housing developer Berkeley struck a £100m deal with Transport for London and the government. Berkeley will fund construction of the empty shell of the station with an expected completion date in 2013, though Crossrail and its partners have not yet secured funding to [...]
CHALLENGE FOR CITY FIRMS TO GO OFF ROAD February 14, 2011 FOR frustrated finance workers who fancy themselves as a bit of a Bear Grylls-type come the weekend, CARE International’s Finance Adventure Challenge might be just the opportunity to show your colleagues what you’re made of. City A.M. is supporting the Challenge this summer, giving City professionals a chance to ditch the suits and prove their [...]
What the other papers say this morning February 13, 2011 FINANCIAL TIMES SIEMENS EYES BIG NETWORK PURCHASES Siemens is looking out for large acquisitions to expand its power networks and plant automation businesses, in a fundamental strategic shift by the German industrial conglomerate. Joe Kaeser, Siemens’ chief financial officer, said Europe’s largest engineering group by sales had reached the “management maturity” to pursue significant takeovers. [...]
BUYING February 10, 2011 Q.I am thinking of buying a buy-to-let property in central London. What type of property makes the best rental and which tenant market should I be going after? A.We tend to advise our investment clients to opt for a two double bedroom, two bathroom configuration for a rental investment. This set-up will appeal to a [...]